Is Ivari Life Insurance right for you? 2024 Review
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Discover the methodologyDid you know that Canada has more than 150 life and health insurers? With so many providers, it isn't always easy to choose. How do you pick a life insurance policy that suits your unique needs?
Among the many providers out there, one of the options you could consider is ivari Life Insurance. But is it right for you?
In this review, we take you through how ivari life insurance works, its coverage, pros, and cons, and how to get a policy. You can also get free personalized quotes from ivari and other providers using our HelloSafe comparator so you can find a policy that's best for you.
Ivari life insurance: 5 key takeaways
- Ivari offers a range of customizable term and universal life insurance options
- With an A+ rating from A.M. Best Company and $11.5 billion in assets, ivari demonstrates strong financial stability
- Policyholders can choose from 10, 20, and 30-year term options, providing flexibility
- ivari offers critical illness insurance as both a standalone policy and a rider
- While ivari provides valuable options, it lacks direct online policy purchase
Review on Ivari life insurance : Great for customizable plans
A well-established Canadian insurance company, ivari has a history that stretches back to the 1920s. The company offers a range of life insurance products including many interesting riders so you can customize them to fit your unique needs.
ivari's term life insurance is available in 10, 20, and 30-year terms. Universal life insurance is an option for buyers interested in permanent life insurance solutions. Finally, critical illness insurance is available both as a standalone policy or as a rider on a term or universal policy.
Ivari life insurance is a solid choice for those seeking customizable term and universal life insurance plans. However, it's worth noting that the company does not offer whole life insurance options and may be relatively more expensive than some other insurers. Additionally, direct online policy purchase is not available, requiring potential policyholders to engage with an advisor for enrollment.
If you value customization and financial stability, Ivari could be a suitable choice, but those seeking whole-life coverage or a fully online experience may need to explore other options.
Who is ivari life insurance?
ivari has been a life insurance provider in Canada for nearly a century since 1928. It operated under the name Transamerica Life Canada but changed its name when it was acquired by Wilton Re in 2015. Wilton Re is owned by the Canada Pension Plan Investment Board. With an A+ Financial rating from A.M. Best Company and $11.5 billion of assets on its books, the company is in a strong financial position.
Pros of ivari life insurance
- Robust My insurance View online life insurance calculator
- The company has good financial stability
- ivari offers several optional riders, including a children's insurance rider.
- Multiple term options are available
- 30-year term is very flexible
- Joint policy for up to 5 people
Cons of ivari life insurance
- No whole life insurance options
- More expensive than some other insurers in the market.
- Unable to buy policies directly through the website, must reach out to an advisor
If you think ivari life insurance could be what you're looking for, you can personalised quotes right here, in a few seconds.
How much does ivari life insurance cost?
Non-smokers in good health can expect to pay monthly premiums as listed in the table below for $250,000 of 20-year term life insurance.
| Age | Male | Female |
|---|---|---|
| 20 | $19.20 | $12.88 |
| 25 | $19.44 | $13.37 |
| 30 | $19.93 | $14.09 |
| 35 | $21.38 | $16.52 |
| 40 | $30.62 | $22.84 |
| 45 | $48.36 | $34.51 |
| 50 | $80.92 | $54.43 |
| 55 | $155.95 | $102.30 |
These are indicative prices only. A range of factors affects life insurance prices. To save on life insurance, it's always best to compare prices and offers from a variety of service providers.
Compare prices for ivari life insurance and other providers right here. Use our comparator below and get free personalized quotes from Canada's best life insurance companies in seconds.
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What does ivari life insurance cover?
ivari life insurance can cover a range of needs through its line of term and universal life insurance. Life insurance can cover many needs for a policyholder in life and for their family after it. Let's explore them.
Family's needs:
- Investment and financial resources (universal)
- Mortgage or Rent
- Tuition and educational expenses
- Final expenses such as funeral costs
- Income for your survivors
Business needs:
- Buy and sell agreements
- Family business continuance
- Collateral insurance
Special needs:
- Critical illness
- Estate planning
- Retirement income
- Charitable donation
What types of life insurance does ivari offer?
ivari offers term life insurance, universal life, and critical illness insurance.
| Type | Term | Universal | Critical Illness |
|---|---|---|---|
| Duration |
| For life | Set term |
| Coverage amount | $50,000 - $10 million | $25,000 to $10 million | $2 million |
| Plans |
| Universal Life |
|
| Riders |
|
| n/a |
| Cash value |
ivari term life insurance
The company offers three different options for term life insurance: 10, 20, and 30-year terms.
Term 10: This 10-year term life insurance policy is available from ages 0 to 70. It is renewable every 10 years up to age 80.
Term 20: This 20-year policy is available from ages 0 to 60, and is renewable every 20 years up to age 80.
Term 30 with SelectOptions: ivari distinguishes itself from the competition with its Term 30 insurance. It is available from ages 0 to 50 and is renewable at year 30 with level premiums up to age 100. It offers great flexibility to change the policy between its 15th and 20th year. Policyholders can choose three different options at this time:
- Select30: Policyholders can decrease their premiums in exchange for a reduced coverage amount for the remainder of the policy.
- Selectlife: Policyholders can choose the Select30 features along with added lifetime final expense benefits.
- SelectVALUE: Policyholders can access the policy's cash value by decreasing the coverage or converting to a universal life policy.
Ivari universal life insurance
Buyers looking for life insurance with an investment component to build cash value may be interested in a universal life insurance policy. Coverage amounts of up to $10 million are available. §Policyholders can choose both single and joint plans with either First-to-die or Last-to-die coverage. A full range of riders can be purchased on universal life insurance.
What add-ons are available with ivari life insurance?
Want to customize your policy? ivari is a great provider of customized life insurance policies as has been mentioned in a number of ivari life insurance reviews from customers on Google.
These riders include:
- Critical Illness Protection: Pays a one-time lump sum if the policyholder develops a covered critical illness. The 4-Condition plan covers cancer, heart attack, stroke, and coronary artery bypass. The 25-condition adds 21 illnesses and 5 more for children under 24 years old.
- Level Cost of insurance: Fixes premiums until age 100.
- Payor Waiver of Monthly Deductions: Waives all premiums for an insured child if the policyholder is totally disabled before 65 (coverage will continue until the child is 25.
- Children's insurance Rider: Adds low-cost coverage for a policyholder’s child. Guarantee their ability to purchase coverage should they develop a pre-existing condition.
- Term Riders: Adds an extra layer of temporary insurance to the base policy, providing added protection during the term.
- Waiver of Planned Premiums: Waives all planned premiums up to a predefined amount if the policyholder becomes totally disabled before the age of 65.
- Payor Waiver of Planned Premiums: Waives planned premiums up to a predefined amount for an insured child if the policyholder dies or becomes totally disabled before the age of 65 (coverage will continue until the child turns 25.
- Accidental Death and Dismemberment: Provides an additional benefit in the event of accidental death or dismemberment.
- Waiver of Monthly Deduction: Waives planned premiums if the policyholder becomes totally disabled before the age of 65.
- Payor waiver of premium: Waives all premiums for an insured child if the policyholder becomes totally disabled before the age of 65 (coverage will continue until the child turns 25.
How to get a quote from Ivari Life Insurance?
Before settling on ivari, or any provider, it pays to compare the competition and what it has to offer. Canada has a lot of great life insurance providers.
The easiest way to get a quote for ivari life insurance and compare it with other providers. While that may seem daunting, we've made it easy for you. Use our comparator below and get quotes from more than 20 other leading providers in Canada, and for free. Get started now.
Compare the best life insurance companies
Alternatively, you can get life insurance rates directly from an ivari advisor. Reach ivari by phone at 1-800-846-5970 or email by email to [email protected] to get started. Be prepared to share the following information when speaking with an insurance agent:
- Your date of birth
- Sex
- Smoking status
- Address
- Medical history
- Family medical history
How to contact ivari customer service?
| Contact method | Details |
|---|---|
| Telephone | 1-800-846-5970 Monday to Friday from 8:00 am to 7:00 pm |
| Online | Through the My Ivari portal |
| General inquiries | [email protected] |
| Policy-related mailing address | P.O. Box 4241, Station A Toronto, ON M5W 5R3 |
| Social media |
Is there an Ivari Life Insurance calculator?
Before choosing a life insurance policy, ask yourself how much coverage you really need. Depending on your age, health, and family situation you might want a $1 million term policy or just $10,000 non-medical life insurance. No two situations are identical.
A life insurance calculator can help you answer this if you’re unsure and ivari has a robust easy-to-use tool called My Insurance View. This can be viewed on its portal and a good way to see if it's what you're looking for before you proceed with your ivari life insurance application.
HelloSafe’s life insurance calculator provides an easy-to-use interface and gives you an idea of exactly how much coverage you need. Once you've done that, you could use our comparator below and get quick and free life insurance quotes to help you pick the best policy for you.
Compare the best life insurance companies
How to cancel ivari life insurance?
For an ivari life insurance policy without cash value, you may cancel it by sending a letter of direction naming the policy number, policy owner, and insured. Send it through ivari’s online “Send Documents” service or by mailing it to: P.O. Box 4241, Station A Toronto, ON M5W 5R3.
If your policy has cash value, you may cancel it by completing the Policy Service Application form below and sending it through ivari’s online “Send Documents” service or by mailing it to: P.O. Box 4241, Station A Toronto, ON M5W 5R3. You can use the following form for canceling coverage, making a withdrawal, taking a loan against your policy, and more.
Watch out!
Canceling a life insurance policy can have tax implications and will end your coverage. Speak with an advisor and weigh your choices carefully before canceling any policy.
